Whales Unload ADA Amid Fading Trader Interest

Cardano's (ADA) recent price surge is facing challenges from declining trader interest and large-holder exits, according to data from Ali Charts on X. The platform reports that futures open interest for ADA has dropped by 9% over the past week, sliding from $1.99 billion to $1.81 billion as traders cut back on leveraged bets.

Whales are also selling their ADA holdings, with large holders offloading approximately 90 million ADA worth around $22.5 million since September 20. This selling pressure aligns with a Tom DeMark Sequential sell signal that appeared on Cardano's daily chart.

The analyst notes that the correction may not be over yet and provides a parallel channel on the daily chart, indicating $0.24 as the key mid-range support level. If ADA loses this level, it could move toward the channel's lower boundary near $0.21, which could present the next buying opportunity targeting the channel top near $0.28.